National Aluminium Company Limited has signed a technology licensing agreement with Emirates Global Aluminium for the deployment of DX+ Ultra aluminium smelting technology. The deal supports a 0.5 million TPA brownfield smelter expansion at its Anugula facility in Odisha.

Deal at a glance

The following table captures the key details of the agreement as disclosed:

Significance of the technology tie-up

The agreement brings DX+ Ultra smelting technology — developed by Emirates Global Aluminium — to National Aluminium Company's expansion programme in Odisha. The signing took place in Dubai on September 7, 2026, in the presence of Brijendra Pratap Singh, Chairman-cum-Managing Director of NALCO, and Abdulnasser Bin Kalban, Chief Executive Officer of EGA.

Under the agreement, EGA will provide NALCO with the technology license, know-how, designs, and technical information required for implementation, along with technical support during various stages of project execution. The DX+ Ultra technology is described as a high-amperage and efficient aluminium smelting solution designed to support higher productivity and improved energy performance.

Expansion impact

The proposed brownfield expansion will add approximately 0.5 million tonnes per annum of aluminium production capacity at Anugula. Together with existing capacity, this move enables the company to progress towards an overall aluminium production capacity of about 1 million tonnes per annum.

Adoption of this technology is expected to enable NALCO to develop an efficient and competitive smelter with optimised capital and operating costs. The partnership marks a cross-border technology collaboration between the Indian state-owned aluminium producer and the UAE-based aluminium major, strengthening India's aluminium ecosystem.

National Aluminium Company has outlined an alumina sales target of 1.6 million tonnes for FY27, reflecting a step-up from 1.4 million tonnes recorded in the previous year. The incremental volume of 200,000 tonnes is expected to be contributed by the company's 5th stream, signalling an expansion in production capacity. Alongside the volume growth, the company anticipates that improved alumina realizations will play a key role in managing cost pressures.

Alumina Sales Target and Volume Growth

The company's FY27 alumina sales target represents a meaningful increase over the prior year's performance, with the 5th stream serving as the primary driver of additional output. The following table summarises the key volume metrics:

Alumina Price Outlook and Cost Pressures

Alumina prices are currently at $370 per tonne, a notable improvement compared to $323 per tonne recorded in Q1. The company anticipates that these higher realizations will help balance the impact of elevated raw material costs. Increased input expenses added INR230 crore to the company's costs in Q1, underscoring the significance of price recovery in maintaining financial performance.

The following table captures the key pricing and cost data:

Balancing Growth with Cost Management

The combination of higher alumina prices and increased sales volumes from the 5th stream forms the core of the company's near-term financial strategy. With alumina prices rising from $323 per tonne in Q1 to $370 per tonne, the improvement in realizations is expected to provide a meaningful buffer against the cost escalation of INR230 crore witnessed in Q1. The ramp-up of the 5th stream to contribute 200,000 tonnes to the overall sales mix of 1.6 million tonnes in FY27 reflects the company's focus on volume-led growth alongside price-driven revenue support.